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July 27 2017 | Mark Breading

Boston, Massachusetts, July 27, 2017 – Strategy Meets Action (SMA), a leading insurance strategic advisory firm, has just released a new research report: A New Era of Analytics in Insurance: Leveraging the SMA Data and Analytics Spectrum. The report highlights how data and analytics have evolved by introducing an updated version of SMA’s Data and Analytics Spectrum.

20170727 SpectrumReport“Insurers and solution providers have used the SMA Spectrum over the past several years as a tool to assess their data and analytics capabilities and plan for the future,” said Mark Breading, SMA Partner and co-author of the report. “SMA has now developed an enhanced version of the Spectrum that incorporates new capabilities and new business problems that insurers are addressing in the digital, connected world.” 

Key themes of the research include:

  • Insurers have made great progress in leveraging BI and predictive analytics, but there are great opportunities to leverage new capabilities to explore the “Whys” and to become more proactive.
  • New roles are gaining momentum, as the Chief Analytics Officer position now exists at 22% of P&C personal lines companies, 19% of commercial lines, and 16% of life/annuity insurers.
  • SMA research highlights the move toward more enterprise Data/Analytics units, with almost half of insurers surveyed establishing such a group.

Karen Pauli, SMA Principal and report co-author notes, “Analytics really is everywhere in insurance now. Every line of business, every departmental area, and many of the new InsurTechs consider analytics as central to their success. In fact, analytics is becoming a discipline in its own right, as more insurers recognize the power of harnessing their proprietary data and capitalizing on the many new data sources available in the digital, connected world.” 

Insurers, solution providers, and media that are interested in learning more should contact Mark Breading at mbreading@strategymeetsaction.com or 614.562.8310.


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To learn more, please contact:
Mark Breading
Partner
Strategy Meets Action
614.562.8310